HRA RES 1985-13 - 00013743�
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RFSCd,UTION NG. HRA 13 - 1985
A RFSOLUTION N1�DIFYING THE TAX INCRE[�IENT FINAIQCING PLPSI E'OR TA.X INCREI�tENT
FINANCING DISTRSCT NO. 3(NORZfi AREA) WI�IIIv RES3EVFS�OPA�N4' PRA7ECT IdO, 1 TO
INQUDE 7NFORI<iATION ABWT INCkEASED PRQ7ECP ACTIVITTES ANB APPROVING APdD
AU`Ifi0RIZ7NG �]E EXEQJTION OF A OONTRAGT FOR PRIVATE DEVE�,6PNiEN^t WT7i� GEYFILD W.
PAS(�IRE
N(�, �II3ERF�E'ORE, BE IT RESCH,VID, by the Board of Conunissioner� (the "Board") of
the Housino and Redevelo�nent Authority in and for the City of Fridley,
Minnesota (the "Authority") , as follavs:
Section 1. Recitals.
1,01. The Authority has all the powers of- a housing and redevelapment
authority under the Municipal Housing ana Redevelopment P.ct, Nlinnesota
Statutes, Sections 462.411 to 461.716, inclusive, as anendeci (the "Act").
1,02, In furtherance of the ob�ectives of the P.ct, the Authority has
undertaken a progr�n to aoquire, or othenaise pr�note devF].ognent of, apen or
undeveloped land and in this connection is engagecl in carrying out the
redevelopnent pro�ect knavn as the Authority's Redevela�anent Pro�ect A3o. 1
(the "Redevelopnent Pro7ect") in an area (the "Pro�ect Area") located in the
Citp.
1.03. There has been prepared and approvecl by the Authority and the City
Council of the City, pursuant to the Act, a ModifieC Redevelo�7ent Plan for
the Redevelopnent Pro�ect (the "Redevelo�anent Pl�n") anc� the �luthority has
quly established its Tax Increnent Financing District Nc, 3(the "'i°ax
Increnent District") within the Pro�ect Area.
1.04. The acquisition and the subsequent sale or lease of the potential
develo�ment property within the Pro�ect Area to private developers f or
commercial develognent are stated ob�ectives of tbe Redevelopnent Plan.
1.05. In order to achieve the ob7ectives of the P.edevelo�nent Plan and
particularly to make the land in the Project Area av�il.able for c'revelopnent by
private enterprise in conformance with the Redevelopnent Planr the F.uthority
has determined to prwide substantial aid and assistance in connection with
the Rec�velopnent Plan through the financing af cert�in of the public costs of
developnent in the Project Area.
1.06. Gerald FT. Paschke has presented the F�ui:kiority with a proposal for the
oonstruction of certain improva�ents within the Pro�ect F�rea, as detailed in
the proposea Contract for Private Developnent between the Authority and Gerelc�
W. Paschke (the "Develognent Contract") made a�rt hereof bq reference and as
on f�.le in the City C1 erk's Office, as Exhibit b, stating the terms and
conc�itions of such developnent and the Authority's responsibilities respectarig
the assistance thereof.
7.07. Tn compliance witl� Nl�ru�esota Statutes, :ectian 462.525, Subdivision 2,
follaaing not more than 30 and not less than 10 days prier publishec� notice
thereof, on August 8, 1985, the Board of 1luthority held a public hearing on
the purchase and reconveyance of propexty contemplateci by the Developnent
cbntract.
Page 2- Resolution No. HRA 13 - 1985
1.08. Pursuant to the terms of the Developnent Contract, it has been further
proposed that the Authority aojuire and reconvey Lot 4 and Lot 7(except the
southerly 30 feet thereof), Block 4, University Industrial Park (the
� "Development Property"), as contemplated by Subsection 1.8 of the
Redevelognent Plan and by Subsection 4.4 of the Tax incranent Plan.
1.09. It has been further proposed that the Authority modify the T«x
Increnent Financinq Plan for the Tax increnent District (the "Ta�; Tncr�rnent
Plan") pursuant to and in accordance with Minnesota Statutes, Section 273.71
to 273.86, inclusive, as amended, to include information about increasea
project activities reasonably antici�ted to occur witY,in the Pro�ect Area as
a result of the execution and performance of the DeveloFanent Contract, as
required by M�.nnesota Statutes, :ection 273.74, Suhdivision 1.
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1.10. The Tax Increnent Plan shall be amendec by aeding the Subsection 4.15
thereof the provisions set forth in Eachlblt A whlch i:� made a�aart ef hereof
by reference and as on file in the City Qerk's Office.
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2.01. The Authority hereby finds, determines and declares that the
modification by increasetl pro�ect activity of the T«x Increnent District is
intended and, in the judgement of the Authority, its effect will be, to
further provide an impetus for commercial develognent� increase en�il oyment ana
otherwise pr�note aertain public purposes and ac�mplish certain objectives as
specified in the Redevelognent Ylan.
Section 3, Adop,�.ion of the Modified Redevelo�ent Plan.
3.01. 'ilie modifzcation to tk�.e Tax Increnent Plan presented to the Authority
on this date, as set forth in E�ibit A, is hereby a�proved and adoptecd and
shall be glaced on f�le in the offices of the F�uthority.
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4.01. The Board hereby approves the Developnent Contract substantia].ly in the
form as Exhibit B anci hereby authorizes the Chainnan of the Board and Birector
of the Authority to execute the same on behalf of the Authority, with such
adclitions and modifications as those offioers map c.'een necessary.
4.02. Upon execution and delivery of the Tevelopnent Contract, the officers
and �nployees of the Authority are hereby authorized and directed to take or
cause to be taken such actions as may he necessary on behalf of the Authority
to imglenent said Agreenent,
PASSID ADID ADOPPED BY `iiiE HWSING ANb RIDEVES,OPP'�NT AU1^IIORTTY OF TH� CITY UF
FRIDLEY THIS 10�I DAY OF OCP�ER, 1985,
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LFWRFNCE R, WNiMERS — Q3AIP,MAN
ATTFST:
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NASTM M. QURFSHT — DIREC7'OR